Bioniche Responds to Dissident Shareholders' Latest Tactics
BELLEVILLE, ON, June 28, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today responded to the latest tactics of a dissident shareholder group that is seeking to take control of the Board of Directors and Company.
The dissidents' latest initiative involves setting an August date for a shareholder meeting, an inappropriate and invalid step given that the Company has already set its shareholder meeting date for November 5, 2013 (after receiving two deficient meeting requisitions from the dissidents). Although these shareholders have already initiated court proceedings against the Company to try and force a meeting date for earlier than November, with a court date set for July 18th, they have proceeded with announcing an August meeting date in total disregard for the court process.
These latest tactics are not surprising as the Company recognizes that the dissident shareholders are attempting to derail the Company's value-creating efforts, which include the divestment of its Animal Health business. This is an asset that the dissidents wish to control and exploit for their own benefit. Conversely, the Company's plan is to proceed with its plans to maximize shareholder value for all shareholders.
Nothing precludes the dissidents from participating in the Animal Health divestment process and the Company is prepared to treat them on equal terms with other bidders as the process unfolds. Any proposed sale of Animal Health will be subject to shareholder approval.
The ongoing and increasingly aggressive public attacks against the Company have the potential to jeopardize the very important initiatives underway to maximize the Company's asset value and to undermine shareholders' rights for a fair and thorough analysis of all options prior to a vote.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary and innovative products for human and animal health markets worldwide. The fully-integrated company employs more than 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop and commercialize products that advance human or animal health and increase shareholder value.
For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
SOURCE Bioniche Life Sciences Inc.